Buy-side Perspectives Issue 3 - Page 22

Shaking up markets David Miller, head of EMEA trading at Invesco UK The proposed rules would also require the use of self-trade prevention tools by market participants on DCMs, while permitting trades originating from accounts with independent decision makers. In addition, the proposed rules are designed to increase transparency around DCM electronic trade matching platforms, by requiring DCMs to publish a description of rules or known attributes of the trade matching platform that materially affect factors such as the time, price or quantity of execution of market participant orders, the ability to cancel or modify orders, and the transmission of market data and order or trade confirmations to market participants. Furthermore, the proposed rules are intended to foster transparency with respect to DCM programs and activities, including market maker and trading incentive programs. To help ensure that Regulation AT remains current as markets and trading technologies evolve, the Commission is proposing to require that all AT Persons become members of a registered futures association (RFA), and further require RFAs to consider membership rules addressing algorithmic trading for each category of member in the RFA. Taken together, these provisions would allow RFAs to supplement elements of Regulation AT in response to future industry developments. 22 The Buy-side Perspectives | Issue 3 | April 2016 Earlier this month, the European Commission published its delegated acts on MiFID II. The Buy-side Perspectives caught up with David Miller, head of EMEA trading at Invesco UK, to share some thoughts around regulation, trading venues, broker relationships and how electronic trading is changing.